"cost transformation, fundamentally restructuring our expense base."
"We will be a simpler, leaner and scrappier business,"
"Our financial growth has relied too heavily on price increases. A strategic approach that relies too much on price without subscriber growth is not a sustainable strategy,"
Verizon plans to eliminate about 15,000 positions, roughly 15% of its workforce, as part of a restructuring led by new CEO Dan Schulman. The cuts will focus on non-union management, potentially exceeding 20% of that group, and will include converting about 180 corporate-owned retail stores into franchised operations. The moves respond to slowing subscriber growth, rising competition from AT&T and T-Mobile, and stagnant share performance. Schulman emphasized aggressive change, cost transformation, and a shift toward a simpler, leaner business while avoiding reliance on price increases for growth. Verizon had about 100,000 U.S. employees at the end of 2024 after prior reductions.
Read at Fast Company
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